Foster’s successful in tax appeal

The Federal Court of Australia has ruled in favour of brewer Foster’s on appeals against disputed tax assessments relating to the financing of the Elders Finance Group in the 1980’s and 1990’s.

“We welcome the Federal Court’s decision,” said Foster’s Chief Financial Officer, Angus McKay. “We have always been confident in our position and hope this matter will be brought to a swift resolution.”

The Australian Commissioner of Taxation has the right to appeal the Federal Court’s decision. Pending any decision by the Commissioner to appeal, Foster’s said they do not expect any change in financial position.